World Economy

Eurozone Jobless Rate Lowest Since 2009

Eurostat estimates that overall 18.725 million men and women were jobless in June 2017.Eurostat estimates that overall 18.725 million men and women were jobless in June 2017.

The eurozone, with 19 member states, seasonally-adjusted unemployment rate was 9.1% in June 2017, down from 9.2% in May and down from 10.1% in June 2016. This is the lowest rate recorded in the eurozone since February 2009, Eurostat figures show.

The European Union, with 28 member states, unemployment rate was 7.7% in June, stable compared to May and down from 8.6% in June 2016. This remains the lowest rate recorded in the EU28 since December 2008. These figures are published by Eurostat, the statistical office of the European Union, Reuters reported.

Separately, inflation remained unchanged in July at 1.3%, according to a preliminary estimate from Eurostat. However, core inflation, which excludes food and energy prices, rose to 1.3% from 1.2% in June.

The underlying inflation rate increased to 1.2% from 1.1% from June. This rate was above expectations of a 1.1% rate for the month and underlying inflation also increased from 0.9% last year with a gradual move higher over the past few months.

Eurostat estimates that 18.725 million men and women in the EU28, of whom 14.718 million in the eurozone, were unemployed in June 2017. Compared with May 2017, the number of persons unemployed decreased by 183,000 in the EU28 and by 148,000 in the eurozone. Compared with June 2016, unemployment fell by 2.368 million in the EU28 and by 1.667 million in the eurozone.

Among the member states, the lowest unemployment rates in June were recorded in the Czech Republic (2.9%), Germany (3.8%) and Malta (4.1%). The highest unemployment rates were observed in Greece (21.7% in April) and Spain (17.1%).

Compared with a year ago, the unemployment rate fell in all member states for which data is comparable over time, except Estonia which showed an increase (from 6.5% in May 2016 to 6.9% in May 2017). The largest decreases were registered in Spain (from 19.9% to 17.1%) and Croatia (from 13.3% to 10.6%).

In June, the unemployment rate in the United States was 4.4%, up from 4.3% in May but down from 4.9% in June 2016.

 Youth Unemployment

In June, 3.710 million young persons (under 25) were unemployed in the EU28, of whom 2.588 million were in the eurozone. Compared with June 2016, youth unemployment decreased by 586,000 in the EU28 and by 399,000 in the eurozone.

In June, the youth unemployment rate was 16.7% in the EU28 and 18.7% in the eurozone, compared with 18.8% and 21.0% respectively in June 2016. In June this year, the lowest rate was observed in Germany (6.7%), while the highest were recorded in Greece (45.5% in April 2017), Spain (39.2%) and Italy (35.4%).

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